Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup
      • Olympics
      • #
    • Videos
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obits
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup
      • Olympics
      • #
    • Videos
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obits
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
    • International News
  • Latest
  • Business
    • Business Bites
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • Videos
  • Career & Education
  • Classifieds
  • All Woman
  • Environment
  • Webinars
  • More
    • Football
    • Elections
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Design Week
Pan Jam profits jump 23 per cent
FACEY... it is critically important that we stay the course.
Business
BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com  
August 18, 2015

Pan Jam profits jump 23 per cent

PA N – J A M A I C A N Investment Trust Limited (Pan Jam) which invests in real estate and holds equity stakes in well-known local and regional brands, made $853 million net profit for its owners in the June secondquarter 2015 or 23 per cent higher year-on-year. The performance of its associated companies — led by Sagicor Life Jamaica — spurred its profit growth.

Pan Jam chief executive Stephen Facey also confirmed that the company paid in full its prominent US-dollar denominated loan from the IFC, the lending arm of the World Bank.

“Pan Jam issued $3 billion in bonds subsequent to the period, using part of the proceeds to repay this IFC loan in full,” stated Facey in a statement accompanying the financials released to the Jamaica Stock Exchange this week. Pan Jam holds investments in property development, tourism, insurance, banking, manufacturing, retail trade, financial services and investment.

It really benefited from its share of earnings from associated and joint venture companies for the quarter which increased to $791.1 million from $597.7 million a year earlier. Pan Jam holds 31.6 per cent of insurance giant Sagicor; 20 per cent in Chukka Caribbean Adventures Limited, an attractions tour; a 35 per cent stake in Caribe Hospitality Jamaica Limited, a property development company; and has a 50 per cent holding in Mavis Bank Coffee Factory Limited.

The Mavis Bank operation is held under parent company New Castle (which includes sauce brands Walkerswood, Jamaica Joe and Busha Browne). The majority of its earnings from associates came from Sagicor, which increased by $175 million for the quarter or one-third higher year on year.

Hardware & Lumber reported net earnings of $15 million for the quarter, compared to $29 million for the same period last year. Second-quarter revenues were up slightly compared to last year, and gross margins improved, stated Facey. Pan Jam’s total assets amount to $27.4 billion with relatively low liabilities up to June, which resulted in total equity of some $22 billion.

Its core revenues, mostly comprised of property rental, decreased to $341.6 million from $388.8 million a year earlier. That was due to its occupancy levels dropping from 97 per cent to 85 per cent due to a tenant buying out their lease prior to normal termination previously disclosed in its March quarter.

The company continues with the construction of its Courtyard/Marriott Hotel project in New Kingston. Facey expects to open the hotel later this year. The group received project loan financing of US$17.5 million from the IFC some time prior to its 2008 financial year-end.

The June quarterly financial notes explained just how it would pay down on the IFC loan utilising the $3 billion it raised. “Proceeds were used, in part, to repay existing debt including the full amount of the group’s US$-denominated loan with the International Finance Corporation ($1.3 billion at June 30, 2015) and the $750-million tranche of the secured commercial notes due July 2015,” stated the financial notes.

Facey commended the Government for its PetroCaribe debt buy-back, indicating that it would reduce the national debt to gross domestic product ratio. “This provides further evidence of the improvements accruing to Jamaica as a direct result of the steady efforts of the Government.

It is critically important that we stay the course so that the considerable sacrifices made by a significant portion of the population in getting us to this point are not, in the end, wasted,” stated Facey.

{"website":"website"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

John Chin loses again in ATP Kingston 2 Challenge
Latest News, Sports
John Chin loses again in ATP Kingston 2 Challenge
August 24, 2026
Jamaica's lone competitor on day two of the ATP Kingston 2 Challenge lawn tennis competition, John Chin, lost a close battle with American teenager Be...
{"jamaica-observer":"Jamaica Observer"}
Chuck Fenda sets Germany ablaze at Turnpike Reggae Festival 2026
Entertainment, Latest News
Chuck Fenda sets Germany ablaze at Turnpike Reggae Festival 2026
August 24, 2026
Reggae star Chuck Fenda brought fire, fury and a formidable catalogue of hits to Germany as he delivered an electrifying performance before 7,000 fans...
{"jamaica-observer":"Jamaica Observer"}
Tastee to mark 60 years with free anniversary concert
Entertainment, Latest News
Tastee to mark 60 years with free anniversary concert
August 24, 2026
KINGSTON, Jamaica—Six decades after Tastee first introduced its now-iconic patty to Jamaicans, the beloved homegrown brand is inviting the nation to c...
{"jamaica-observer":"Jamaica Observer"}
11 years after decriminalisation, ganja use complicating mental health care
Latest News, News
11 years after decriminalisation, ganja use complicating mental health care
Cannabis features heavily among patients with psychosis and schizophrenia
DANA MALCOLM, Observer Online reporter, malcolmd@jamaicaobserver.com 
August 24, 2026
Eleven years after Jamaica decriminalised ganja, the use of the substance features heavily among patients presenting with psychosis and schizophrenia....
{"jamaica-observer":"Jamaica Observer"}
Australia’s top music charts ban AI songs
International News, Latest News
Australia’s top music charts ban AI songs
August 24, 2026
SYDNEY, Australia (AFP)—Music made by artificial intelligence will be banned from Australia's top charts under new guidelines aimed at protecting "the...
{"jamaica-observer":"Jamaica Observer"}
St James men charged with possession of criminal property
Latest News, News
St James men charged with possession of criminal property
August 24, 2026
KINGSTON, Jamaica—Two men have been charged with possession of criminal property following two separate incidents in St James last week. Charged are 3...
{"jamaica-observer":"Jamaica Observer"}
Chief justice cites AI as tool to enhance court operations
Latest News, News
Chief justice cites AI as tool to enhance court operations
August 24, 2026
KINGSTON, Jamaica—Chief Justice Bryan Sykes says artificial intelligence (AI) should not be viewed as a replacement for court officials but rather as ...
{"jamaica-observer":"Jamaica Observer"}
Honorary consul to Atlanta Elaine Grant-Bryan ‘humbled’ by OD recognition
Latest News, News
Honorary consul to Atlanta Elaine Grant-Bryan ‘humbled’ by OD recognition
Howard Campbell 
August 24, 2026
When Elaine Grant-Bryan settled in Atlanta in 1990, that city was long acknowledged as the mecca of black empowerment in the United States. She joined...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct